Forex technical analysis:A quick look at some of the major currency pairs

Author: Greg Michalowski | Category: News

Dollar remains the dog in trading today

The EURUSD traded at 1.1220 right before the employment report on Friday. It is back at that level and in fact now breaking to new day highs.  The NY session has seen the price extend above the the London morning high at 1.1177. The price low after breaking above that level briefly traded at 1.1175.  The buyers remain in control with potential up to 1.1253 on more of a squeeze.

The GBPUSD has been up and down (or down and up) in trading today. The last move was down and that move tested the 50% midpoint and the 200 bar MA on the at the 1.5262.   On Friday, the pair successfully held the 50% of the move up from the April low to the May high at the 1.5191 level. That, along with the 50% and the 200 bar MA on the 5 minute chart has the buyers with the edge.

The USDJPY is trading below the 125.00 level and looks toward the 50% of the move up from last weeks lows at the 124.80

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